Financial Planning – Hazel Crest, IL
The most common misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there is a whole lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs efficiently and meet financial goals. It is a holistic method that can help you make smarter decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - provides you with a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Hazel Crest, IL
Often folks say that they're saving for retirement or saving for their children's education. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you aren't sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Hazel Crest, IL
Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning supplies a road map with an action plan that - if implemented faithfully - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're centered on the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates might be harmful for your financial health. A Certified Financial Planner will make you understand that the type of investment you choose has an effect on the after-tax return. Bear in mind, it isn't about the returns an investment generates; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is waiting for you.
Influence of Financial Planning - Hazel Crest, IL
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction all round, and you will see your ability to recognize your financial goals really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Essentially, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!
